India, Myanmar explore trade opportunities in pharmaceuticals, agriculture, petroleum

India and Myanmar on February 14, discussed possibilities in areas of pharmaceuticals, pulses & beans, petroleum products and greater use of the recently launched Rupee-Kyat Trade Settlement Mechanism to foster mutual growth.

The discussion between the two countries was attended by Jitin Prasada, Union Minister of State of Commerce and Industry and HE U Minn Minn, Deputy Minister for Ministry of Commerce, Myanmar.

Both sides, during the meeting, emphasised the potential for enhanced bilateral trade, the Ministry of Commerce and Industry said in a release.

During the meeting, both leaders deliberated on the potential areas of collaboration to promote bilateral trade and also acknowledged the importance of resuming border trade through roads and agreed to take steps on this issue.

In another developments, both countries hosted the 8th meeting of the India-Myanmar Joint Trade Committee (JTC) last year.

The meeting discussed the potential areas of cooperation to drive mutual growth. Both parties conversed about the focus sectors like shipping, textiles, health, the Indian Pharmacopoeia, power, transport and connectivity, ICT, the 5G telecom stack, and the MSME sector as key avenues for collaboration.

The discussion also touched on how this cooperation could lead to long-term benefits, helping both countries to achieve their goals more effectively while fostering a spirit of mutual support and collaboration.

The two countries have cooperation across several fronts. As per the MEA, the Government of India is actively involved in over a dozen projects in Myanmar, both in infrastructural and non-infrastructural areas.

These include the upgradation and resurfacing of the 160 km long Tamu-Kalewa-Kalemyo road; the construction and upgradation of the Rhi-Tiddim Road in Myanmar; the Kaladan Multimodal Transport Project; etc.

An ADSL project for a high-speed data link in 32 Myanmar cities has been completed by TCIL. ONGC Videsh Ltd. (OVL), GAIL and ESSAR are participants in the energy sector in Myanmar.